Global Field Programmable Gate Array Market Report, published by Variant Market Research, forecast that the global market is expected to reach $12.1 billion by 2024 from $6.9 billion in 2016, growing at a CAGR of 7.3% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 7.9% and 7.4%, respectively, during the forecast period.

Growth in demand across various industries, and efficiency of FPGAs over ASICs are the major factors driving the global field programmable gate array market. However, designing complexities would act as a restraint for the market. Technological advancement would provide several growth opportunities for the market in the coming years.

The global field programmable gate array market has been segmented on the basis of product type and application. By product type, the market is further segmented into SRAM, Flash based, and antifuse. By application, the market is categorized into industrial, automotive, consumer electronics, military & aerospace, telecom, data processing, and others. By product type, SRAM segment accounted for more than two third of the global market share in 2016. The telecom segment generated the highest revenue in the overall application segment in 2016, driven by increased adoption of 3G and 4G LTE services throughout the globe. Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Asia-Pacific accounted for the largest market share of 39.7% in 2016, and is expected to continue its dominance during the forecast period. The growth is majorly attributed to the growing adoption of FPGA solutions across various sector such as consumer electronics, telecommunication, medical, and automotive. North America accounted for the second largest market share of 27.8%, driven by increase in number of internet users and mobile network operators. In terms of growth, Asia-Pacific is expected to grow at the fastest CAGR of 7.9% during the forecast period 2016-2024.